Reaping The Benefits
The Denver Metro Real Estate market is still rocking the Rocky Mountains! Good news currently awaits both buyers and sellers and the opportunity for win-win home sales are ready and waiting! And honestly, who doesn't want to be part of a deal where everyone leaves with a smile?
The Good News for Sellers
1. Compared to last year, your home value has gone up 7%. That a great return on your investment and may be worth looking into cashing in on. And with an average home price in the mid $400s, things home sellers are sitting pretty.
2. Days on the market are under one month, which allows for timely closings so that you can swiftly sell and get moving on your next adventure!
3. New Listings are down 2% compared to last year. Under contract listings have gone up 4% compared to last year. Combine these two facts and you are looking at less competition from other sellers and more buyers that are looking to snag their dream home. Make the most of it!
The Good News for Buyers
1. Home sales have decreased 3% compared to last year and 11% compared to last month. Also compared to last month, homes under contract went down 1%. Based on these figures, the market showed signs of slowing in July and it may be a bit easier for you to go from offer submitted to OFFER ACCEPTED!
2. There are now 7 weeks of inventory on the market, 2 more than last month!. This means that it would take 7 week for all of the homes currently on the market to sell. This is a shift in favor of buyers as the playing field is leveling out from being an extreme seller's market to a buyer's market. Get moving now while the cards are more evenly stacked.
3. The average price of a single family home has dropped 2% in the last month. With the current prices of Colorado real estate, this is fantastic for any buyer.
Special thanks to REColorado for providing these great statistics and if you are looking to buy or sell a home, let's get together and make the most of your unique situation. You go find the Good Life and I'll help take care of the rest!
Thanks for reading!
Julia Bandel, REALTOR®